Dogecoin price defends the $0.142 support in a double bottom formation. As long positions increase on the DOGE ETF hype, the rally to $0.47 is fading.
Dogecoin (DOGE) has experienced extreme volatility this month, with its performance mimicking the broader market's rapid movements due to a number of macro factors, including geopolitical tensions.
Dogecoin price is trading at $0.16 today, June 27, with a slight decline of 0.3% in 24 hours. However, after defending key support levels as a sharp increase in long bets and rumors of a $DOGE ETF approval, could the price reach $0.47?
Dogecoin price is stable as ETF hype has given rise to bullish signs.
Dogecoin price may be subject to intense volatility, but bulls are successfully defending key support levels. Since November 2024, the $0.13 level has served as strong support, a sign that buyers are stepping in to avoid a sharp decline in price to this level.
One reason this key support level is holding is the optimism surrounding the approval of the spot $DOGE ETF. Polymarket data shows that currently, 70% of traders believe that this ETF will be approved before the end of the year.
Speculation on the approval spread yesterday when Bitwise filed an amended S-1 for the DOGE ETF. Bloomberg analyst Eric Balchunas opined that the recent filing was a "good sign," indicating that the SEC is engaging with issuers.
The development has sparked optimism among futures traders. This saw an increase in demand for long positions as traders opened speculation that the price of Dogecoin was about to recover. As Coinglass data shows, DOGE’s long/short ratio has exceeded 1 for the first time in four days.
At the same time, Dogecoin's funding rate remains positive, a sign that these long traders are willing to pay fees to maintain their positions. Amidst the positive market sentiment, how high will this top meme coin go?
DOGE targets $0.47 as double bottom emerges.
Dogecoin long traders can look ahead to a potential price rally as a double bottom pattern appears on the weekly time frame. In most cases, this double bottom indicates that a bullish reversal to the upside is imminent.
The key support level to watch in this pattern is $0.142. Bulls successfully defended this support in April 2025 and are doing so again.
If it holds and starts to reverse upwards, the first target will be the neckline resistance at $0.26. If the bulls overcome this hurdle and reverse to support, the target for this pattern is $0.47.
ADX is trending downwards, supporting this bullish Dogecoin price prediction. This indicates that the downward trend initiated by the neck resistance is weakening, giving room for a recovery.
However, if the RSI indicator remains below the average level of 50, the price of $DOGE may stabilize around this support level.
While the indicator is pointing north to show that buying activity is increasing, a break above the average level would validate the rally's bullish thesis to $0.47.
In summary, the price of Dogecoin is at a turning point as optimism increases regarding the approval of the Spot DOGE ETF.
Long traders seem to be expecting a recovery as bulls defend the double bottom support at $0.142. If retail traders and whales start collecting DOGE at this price, a double target of $0.47 can be achieved.
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